How long do you need to keep certain papers ...

[Luanne]

like phone bills, bank records, and such? I am trying to get rid of as much "stuff" as I can, but don't want to throw away things I shouldn't.

[GraciebytheBay]

I recently researched this question for the same reason! Here is a summary from a website:

# Taxes -- Seven years. The IRS has three years from your filing date to audit your return if it suspects good faith errors, and six years if it thinks you underreported your gross income by 25 percent or more.
# IRA contributions -- Permanently.
# Retirement/Savings plan statements -- From one year to permanently. Keep the quarterly statements until you receive your annual summary; keep the annual summaries until you retire or close the account.
# Bank records -- From one year to permanently. Throw away checks that have no long-term importance, but keep checks related to your taxes, business expenses, and housing and mortgage payments.
# Brokerage statements -- Until you sell your securities.
# Bills -- From one year to permanently. In most cases, when you receive the canceled check, the bill can be tossed. However, you should keep bills for big purchases (e.g., jewelry, appliances, cars, collectibles, etc.) for proof of their value in the event of loss or damage.
# Credit card receipts and statements -- From 45 days to seven years. Keep the statements seven years if they document tax-related expenses.
# Paycheck stubs -- One year. If your W-2 form matches your stubs, you can toss your stubs.
# House/Condominium records and receipts -- From six years to permanently.

[Luanne]

I truly appreciate it. :)